Most currencies around the world utilize coins for their smaller denominations of currency. Consequently, people will generally carry both notes and coins to provide payment for cash transactions or as a result of receiving change following payment. As such, wallets and purses have been designed to allow a user to carry currency in the form of both notes and coins. However, it is generally a nuisance to carry coins as they often fall out and become lost, or can become too bulky in large amounts which will result in the wallet/purse deforming in shape.
To avoid the need to carry coins, many people now rely on the use of a debit card or credit card for purchases which will ensure that the exact amount can be paid with no change required. However, there are often times when coins are still required, such as for parking ticket machines or vending machines which may only accept payment via coins. To date, there has not yet been an effective solution which provides a means for eradicating the need to carry coins for all required purposes.
There have also been many cash cards developed in an attempt to alleviate the need to carry cash around. However, these cash cards have presented a number of card processing infrastructure problems which have failed to solve the pitfalls of making cash cards a cost-effective and simple alternative to using cash or debit/credit cards. Though the cash cards are processed using existing ATM and EFTPOS network systems, they are still exposed to considerable surcharges charged by the merchants. In addition, use of these cash cards is often merchant bound, restricted to certain retail outlets or franchise groups.
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